Selway Asset Management Buys 47,390 Shares of PennantPark Investment Corp. (NASDAQ:PNNT)

Selway Asset Management raised its stake in PennantPark Investment Corp. (NASDAQ:PNNT) by 71.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 113,390 shares of the asset manager’s stock after acquiring an additional 47,390 shares during the period. Selway Asset Management owned about 0.17% of PennantPark Investment worth $717,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Quad Cities Investment Group LLC raised its holdings in PennantPark Investment by 7,500.0% in the 2nd quarter. Quad Cities Investment Group LLC now owns 15,200 shares of the asset manager’s stock worth $97,000 after acquiring an additional 15,000 shares during the last quarter. B. Riley Wealth Management Inc. boosted its position in PennantPark Investment by 2.6% during the first quarter. B. Riley Wealth Management Inc. now owns 429,549 shares of the asset manager’s stock worth $2,968,000 after acquiring an additional 11,015 shares during the last quarter. Clearbridge Investments LLC boosted its position in PennantPark Investment by 6.0% during the first quarter. Clearbridge Investments LLC now owns 1,829,119 shares of the asset manager’s stock worth $12,639,000 after acquiring an additional 103,699 shares during the last quarter. Resource America Inc. boosted its position in PennantPark Investment by 12.5% during the first quarter. Resource America Inc. now owns 523,402 shares of the asset manager’s stock worth $3,617,000 after acquiring an additional 58,000 shares during the last quarter. Finally, Kennedy Capital Management Inc. boosted its position in PennantPark Investment by 43.5% during the first quarter. Kennedy Capital Management Inc. now owns 718,493 shares of the asset manager’s stock worth $4,965,000 after acquiring an additional 217,952 shares during the last quarter. Hedge funds and other institutional investors own 43.85% of the company’s stock.

PNNT has been the subject of a number of analyst reports. Compass Point downgraded shares of PennantPark Investment from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $8.50 to $7.00 in a research report on Friday, May 3rd. TheStreet downgraded shares of PennantPark Investment from a “b-” rating to a “c” rating in a report on Tuesday, July 16th. Raymond James started coverage on shares of PennantPark Investment in a report on Monday, April 29th. They issued an “outperform” rating and a $8.00 price target for the company. LADENBURG THALM/SH SH downgraded shares of PennantPark Investment from a “buy” rating to a “neutral” rating in a report on Monday, May 13th. Finally, Zacks Investment Research downgraded shares of PennantPark Investment from a “hold” rating to a “sell” rating in a report on Friday. Three analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. PennantPark Investment currently has a consensus rating of “Hold” and a consensus price target of $7.50.

PNNT stock traded down $0.16 during mid-day trading on Friday, reaching $6.33. The company had a trading volume of 366,584 shares, compared to its average volume of 469,371. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.26 and a quick ratio of 1.58. The stock’s 50 day moving average is $6.44. The company has a market capitalization of $435.12 million, a P/E ratio of 9.14 and a beta of 1.14. PennantPark Investment Corp. has a 52 week low of $6.21 and a 52 week high of $7.84.

PennantPark Investment (NASDAQ:PNNT) last posted its quarterly earnings results on Wednesday, August 7th. The asset manager reported $0.17 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.19 by ($0.02). PennantPark Investment had a net margin of 18.01% and a return on equity of 8.08%. The company had revenue of $28.11 million during the quarter, compared to the consensus estimate of $29.38 million. As a group, equities analysts expect that PennantPark Investment Corp. will post 0.72 EPS for the current fiscal year.

In other news, Chairman Arthur H. Penn purchased 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The stock was acquired at an average cost of $6.58 per share, with a total value of $98,700.00. Following the acquisition, the chairman now owns 193,410 shares in the company, valued at approximately $1,272,637.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Arthur H. Penn purchased 16,000 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The shares were purchased at an average cost of $6.52 per share, with a total value of $104,320.00. Following the completion of the acquisition, the chairman now owns 193,410 shares in the company, valued at approximately $1,261,033.20. The disclosure for this purchase can be found here. Insiders own 2.00% of the company’s stock.

About PennantPark Investment

PennantPark Investment Corporation specializes in direct and mezzanine investments in middle market companies. It invests in the form of mezzanine debt, senior secured loans, and equity investments. The fund typically invests in building and real estate, hotels and gaming, electronics, healthcare, education and childcare, financial services, printing and publishing, consumer products, business services, energy and utilities, distribution, oil and gas, media, environmental services, aerospace and defense, manufacturing industries and retail.

Recommended Story: What are popular range trading strategies?

Institutional Ownership by Quarter for PennantPark Investment (NASDAQ:PNNT)

Receive News & Ratings for PennantPark Investment Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PennantPark Investment and related companies with MarketBeat.com's FREE daily email newsletter.